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For a quick second I thought I was spotting a twin Z4MC like mine since the car was white and had the top up, but it was a new Z4 sdrive35i. Spotted the car in the Signal Hill area of Long Beach, CA and it was driven by a middle-age woman. It didn't have a dealer/manufacturer license plate, but instead seemed to have a dealership placard as if it was a recently purchased vehicle. Strange.
Anyway...the car looked a bit longer than the last model, had sensuous lines (although very akin to a Merc SL), and overall looked much more upscale than the outgoing model. As you've all seen, they've really softened the look of the car and virtually eliminated all flame surfacing. If the driver of the car I spotted last night is any indication, we'll be sure to see many more middle-age women driving these beauties around for quite some time. Too bad that seems to be the primary demographic, because this new iteration should be an extremely competent performer (and delightfully modifiable with the turbo I6).

I have no doubt the OP saw the car, and that it was the new Z4. BMW has a funny way of doing "testing" on some very nice and very slow portions of PCH all throughout Southern California. I personally think it's more guerilla marketing than product testing, particularly at this late stage.

But the car didn't have a dealership placard on it and wasn't owned by a private individual--that would cause some serious waves among the dealership network if one got an advance copy and was actually allowed to sell it.

Phillipe, when is the official release date? How does this work... do the dealerships all get a shippment that they then have to keep under wraps until the bewitching hour, or do they get to sell them as they trickle in? When are the shipments expected?

I doubt it was a purchased vehicle that I spotted, as they aren't for sale yet, but there definitely wasn't a manufacturer or dealer's plate on there. I'm pretty sure it was just a white placard with probably a BMW emblem on it. As Philippe mentioned, the area we live in sees quite a few test vehicles traveling the city streets.
Not much longer until we can get behind the wheel and experience the new car. Bummed about no coupe or M version, but it should still offer enough thrills to keep things entertaining (and certainly more performance than the bulk of the drivers who will purchase these will need - target demographics make me sad).

The official West Coast launch of the Z4 will take place on May 2 in Santa Barbara, at none other than this year's bimmerfest celebration.

Soon after dealerships will receive a 'launch supply' of 2 vehicles, one 30i and one 35i. Dealerships are supposed to reserve those vehicles as demonstrators, although some will undoubtedly sell them as soon as they can for as much as they can. Production begins in earnest in May, with the first retail units arriving late June, early July. Most dealerships should have a decent (though not overwhelming) supply. Personally my dealership has 10 slots available for May production, and 4 are still un-sold.

Also, sources close to BMW* have informed me that the vehicle spotted in Long Beach was likely one of a handful of vehicles reserved for the press. There will be a nice little to-do for the media early next month to launch the vehicle in Southern California. Also, a select few BMW executives on both coasts do have access to these cars, but they are still company vehicles for the time being.

So, if I turn in my Z4 ED on June 1st in Frankfurt there is a good chance I will have one of the first on the road come redelivery time. Not something I planned for or was ever a consideration, just getting a feel for how much attention the car will get. What I am excited about is being one of the first to pick a Z4 at the Welt, considering this is the first time they will have handled delivery of them. Do you know if they are delivering already in Germany (or elsewhere in Europe)?

FWIW, you will have one of the first, on both continents. I doubt you'll see another privately-owned Z4 while you're there. FL can be as car crazy as CA, although Orlando isn't as bad as Miami. Still, it's doubtful you'll see many other Z4s before yours arrives.

I saw a red one on the 405 around Huntington beach on Tuesday, I was coming back from LA, saw what I thought was a Z4 M Coupe, but realized it was the new Z4. It looked nicer in person than the pics I've seen and it certainly looked better than the camo'd mules I'd seen driving on PCH last year. Sadly, like the OP, no pics. I'm not sure if it was a 3.5 or a 3.0, but it did have grey brake ducting, so I assume it was a 3.5.